Hybridan Small Cap Feast - 16/04/2024

16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

Morning Note – 16 April 2024

Billington Holdings - Record result boosts dividend; forecasts upgraded

FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively

Hybridan Small Cap Feast - 22 Mar 24

22nd March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Morning Note – 22 March 2024

Morning Note – 14 November 2023

Billington Holdings - Trading ahead of expectations – FY23 EPS upgraded 33%

The group has announced a trading update for the year to 31 December, confirming earlier strong trading and momentum continuing into H2. Trading has been at record levels across the group’s activities. As such, it now expects FY23 to be ahead of previous market expectations. Looking to FY24, the group continues to have a strong pipeline and order book to support growth, although it remains alert to inflationary pressures and the uncertain macro-outlook. We increase our FY23E adj EPS by 33.3% and

Billington Holdings - Interims: trading ahead of expectations, FY23E EPS +24%

Interim performance was strong, with a robust post-pandemic revenue recovery and stronger than expected drop-through to profits. Margins benefitted from a good project mix and collective all round group performance, efficiency gains and a one-off benefit as energy and steel prices softened. Management points to trading expected to be ahead in FY23 and we upgrade our EPS forecast by 24%, with FY24 forecasts maintained as margins normalise. We anticipate stronger H2 cash generation, adding to the

Morning Note – 19 September 2023

Morning Note – 18 April 2023

Billington Holdings - FY results: step change in H2 delivers significant profit

Full-year results are in line with expectations and show a substantial improvement in profitability despite the challenges in its markets arising from the Ukraine invasion and inflation. The business has seen a strong H2, with more stable raw material pricing, good mix of customer projects and operational efficiencies from the investment in new equipment and process improvements. The significant increase in dividend to 15.5p/share reflects the Board’s confidence in FY23 and the strong level of n

Morning Note – 9 March 2023

Billington Holdings - Positive trading update – FY23 EPS upgraded by 14%

The group’s year-end update is very positive, indicating that FY22 profits, cash and dividends will be ahead of recently upgraded expectations. The higher level of profit comes from efficiencies that have improved gross and operating margins. The update also signals that based on a strong order book and encouraging pipeline of prospects it also anticipates FY23 profits will be ahead of expectations. As a result, we upgrade our FY22 EPS by 15.7% followed by 14% in FY23, with dividends upgraded by

Morning Note – 14 December 2022

Billington Holdings - Positive YE trading update – FY22 EPS upgraded by c.50%

The Group has announced a positive year-end trading update highlighting adjusted PBT is expected to be significantly ahead of expectations in both FY22 and FY23. With a recovery in activity levels through H2 and an increasing volume of work being taken on at improved margins, it also points to the benefits of efficiency gains from its capex programme across the Group, which will have a greater effect in FY23. The order book has continued to grow across a variety of sectors and at enhanced margin

Supreme (SUP LN) - Record performance, EBITDA ~doubled

Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price

Morning Note – 22 April 2024

Supreme+ (SUP, House Stock at 125p) - Supreme, Supreme!

SP Angel Spec Sits: FY Trading Update (LTHM)

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

LIBERUM: Ilika: CMD confirms operational progression

Hybridan Small Cap Feast - 24 April 24

24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

LIBERUM: Gattaca: Resilient contract performance, perm tough

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

LIBERUM: Capex Cycle: Miners' spending continues to lift

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

VSA Morning Flow Test 19/04/24 (Quadrise)

Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$